ColCap Financial Group has priced a $3 billion residential mortgage-backed securities (RMBS) transaction, the largest ever issued by an Australian non-bank lender. The company's own previous record was a $2.7 billion deal earlier this year; ColCap noted that comparison excludes recent large bank portfolio sales that also used securitisation structures.
The Triton Bond Trust 2026-2 deal was upsized from an initial $1 billion guidance after strong demand from domestic and international investors, the company said. It is secured against a portfolio of prime Australian mortgages with an average loan-to-value ratio of just over 64%.
The issue takes the group's total prime RMBS issuance over two decades to roughly $37 billion across its Triton, Vermillion, and Molossus programs in Australia and the UK.
ColCap chief executive and co-founder Andrew Chepul (pictured right) linked the raising to the company's broader trajectory since launching during the global financial crisis, saying "many thought we wouldn't make it through" in those early years.
Co-founder and chief operating officer Ilias Pavlopoulos (pictured left) pointed to distribution as a key driver of the milestone, noting "underpinning ColCap's 20-year growth story has been our multi-channel distribution strategy." Pavlopoulos attributed the growth to long-term relationships with mortgage managers, brokers, and investors.
That strategy includes the 2012 acquisition of Origin Mortgage Management Services from ANZ. It also spans broker-facing brands Granite and Molo Finance, a white-label arrangement with aggregator LMG under the Zeus brand, and online lender Homestar Finance. ColCap now reports $23 billion in assets under management across Australia and the UK.
Treasurer David Carroll attributed the scale of investor appetite to the underlying loan book, saying "the ability to upsize our latest Triton issuance to a record level" reflected long-standing investor relationships.
National Australia Bank arranged the transaction and led the manager syndicate, joined by Commonwealth Bank of Australia, DBS Bank, Deutsche Bank, Natixis, RBC Capital Markets, Standard Chartered Bank, United Overseas Bank, and Westpac Institutional Bank.
For brokers, the deal signals continued funding depth in the non-bank sector, following ColCap's previous $2.7 billion RMBS priced earlier this year and coming as LMG marks its continued push into broker-led lending innovation.
For broader context on lender funding conditions, see APRA's quarterly authorised deposit-taking institution statistics and the Reserve Bank of Australia's securitisation dataset.
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